FinTech startup Tide, which refuses to refer to itself as a challenger bank, is apparently on the lookout for a new chair after Eileen Burbidge stepped down.
Burbidge is a well-known name in British tech circles. She is a founding partner of venture capital firm Passion Capital, which participated in digital bank Monzo’s £113m Series F round in June, and the chair of TechCity UK, the government-backed organisation supporting tech startups across Blighty.
Until recently she was also the independent chair of Tide. However, Burbidge has left her role. “It’s been a privilege to have been chair since the company was founded,” she told the Telegraph. “It was never the intention for me to be a long-term chair, given it is best practice for an independent director to fulfill that role as soon as the company started scaling.”
Her departure reportedly happened after Tide, the banking startup, raised £44.1m in a funding round in October.
Tide is now looking for a replacement but is yet to enlist any headhunters and do not expect to fill the role of an independent chair until sometime in 2020.
Tide is the latest of startups emerging the UK to disrupt the banking sector. Yet, despite it offering to set up business accounts for entrepreneurs and SMEs, it has stated, “We’re not a bank, we’re better.”
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